Home prices in the Seattle area continue to rise, reports The Seattle Times. Prices went up 3.0 percent from February to March and 10.6 percent for the year, based on Standard & Poor’s/Case-Shiller home-price index. Among the 20 metro cities tracked by index, Seattle posted bigger gains than 18 of them in February and March. Area prices have returned to spring 2005 levels.
- Overall, U.S. home prices jumped 10.9 percent in March compared with a year ago.
- Average home prices in the 20-city composite are reminiscent of levels seen in late 2003.
- All 20 cities tracked by the index posted annual gains for the third straight month.
- Phoenix experienced the biggest boost of 22.5 percent, and San Francisco and Las Vegas followed at 22.2 percent and 20.6 percent, respectively.
The housing market, according to NPR News, currently represents the strongest sector of the economy. Does this mean equally good news for the U.S. overall? Planet Money’s Adam Davidson says not so fast, suggesting that 2016 may be the year we see a truly robust economic recovery.